Demonetisation has turned into a windfall for Paschimanchal Vidyut Vitran Nigam Limited (PVVNL), the distribution company that supplies power to Noida. It has witnessed a sharp hike in the collection of dues in the first half of this month, both from individual consumers and commercial connection holders eager to dispose of their demonetised notes.
Division I, one of the largest of its six, has received dues worth Rs 8 crore in the wake of the surprise announcement last week. Raghvendra Yadav, executive engineer of PVVNL, said it had dues to the tune of Rs 10 crore but more than half the amount has already been deposited in the past week alone.
He further added that consumers with dues in the range of Rs 10,000 to Rs 25,000, who had not been paying utility bills so far, are now standing in queue to clear their payments.
Yatendra Kumar Garg, executive engineer of Division II, said his office had about Rs 1 crore in dues, but that figure was fast dropping.
The story has been the same for the other divisions as well. Pankaj Goel, executive engineer of Division III, said his office has received Rs 5 crore so far. Consumers, to avoid the exchange rush at banks, are paying up to get rid of the scrapped notes.
PVVNL, which collects Rs 340 crore as revenue from Noida every month, expects the trend to continue in the coming month as well.
Mukul Singhal, superintending engineer, said the company receives 50 per cent of its total revenue online, with about 75,000 consumers preferring this mode of payment. The remaining is received in cheque and cash.
He added that PVVNL was accepting advance payment of bills till November 11, but that has now been stopped.